Value Investing Third Point Capital Q1 2018 Letter |
- Third Point Capital Q1 2018 Letter
- Comcast prepares all-cash bid to gate-crash Disney-Fox deal
- Help me understand this: How did this business generate 183 million in cash flow from operations in the first 9 months of the year, but only 11 million of operating income over that time?
- US Real Estate Prices
- Heilbrunn Center for Graham & Dodd Investing: 75th anniversary of the publication of Benjamin Graham and David Dodd’s Security Analysis [Transcript]
- Any resources on how to value customer data?
- IPO Question
- What would you charge for investment management, and why?
| Third Point Capital Q1 2018 Letter Posted: 09 May 2018 12:33 AM PDT |
| Comcast prepares all-cash bid to gate-crash Disney-Fox deal Posted: 08 May 2018 07:56 AM PDT |
| Posted: 08 May 2018 03:44 PM PDT ATGE: http://investors.adtalem.com/file/Index?KeyFile=393330242 I get the fact that they seem to have a huge "income tax provision", but even that doesn't cover it all. Anyone familiar with Devry understand if this provision will still be reversing and hitting cash soon? How sustainable is this cash generation? Even funnier, their cash generation jumped from the 40-millions after 6 months to 183 million after 9. All help appreciated. [link] [comments]  |
| Posted: 08 May 2018 04:10 PM PDT Can someone smarter than me explain to me why real estate prices seem so much cheaper on a price to income and gross rental yield basis than the rest of the world? Even areas we consider expensive like Washington DC and San Diego are remarkably cheap compared to Asian and European cities. [link] [comments]  |
| Posted: 08 May 2018 09:17 AM PDT This is a transcript I just came across, hope someone else might find it interesting as well. "In terms of investing I would say that there is no exact formula for what we do. We try to use all the value investing principles we know. The world is imperfect. The world doesn't just dish up net, nets all the time. The world doesn't dish up stocks trading below cash all the time. Doesn't deliver fine businesses at eight times earning. All the time. So we look very hard for mis-pricing, for information asymmetries. for supply / demand imbalance, and we find ourselves at various times heavily in distress debt or no position in distress debt, significantly involved in equities and uninvolved in equities, very focused on private markets or uninvolved because you can create the same assets cheaper in the public market. So in a nutshell that's our approach. Very opportunistic. We try to be not siloed the way many people are. We don't have industry analysts we have generalists who can move quickly from working one day on a drug stock, to another day on the distress debt of a bank, and another day even potentially on a mortgage security or real estate investment. That's not easy but it does provide constant stimulation, a lot of cross training, which people enjoy, and it also means that our resources will always be deployed in the most interesting areas all the time." Seth Klarman [link] [comments]  |
| Any resources on how to value customer data? Posted: 08 May 2018 08:42 PM PDT So while a Brand name is developed, you can kinda guess the value of it via capitalizing advertising spend/adjusting goodwill. But customer data is a real, extremely valuable asset that is not shown on the balance sheet. There is also no direct expense related to its collection and analysis. Any idea or resources on how to value customer data? For referene, Wayfair collects 4 TB of customer data a day. Radio shack sold its customer data for like $10m when it filed ch 11. [link] [comments]  |
| Posted: 08 May 2018 09:06 AM PDT Does anyone know if IPO allocations to investors are disclosed/posted anywhere? I'm trying to find the breakdown of IPO allocations by investor type for some recent IPOs (i.e., 10% allocated to HFs, 50% allocated to Mutual Funds, etc.). Any help would be great! [link] [comments]  |
| What would you charge for investment management, and why? Posted: 08 May 2018 02:08 PM PDT I'm pooling a few dollars together for me to manage in various investments (real estate, private and public equities), I'm putting most of my net worth inside and so all of my mental energy will go towards managing this money. I'm looking for models that are common place and fair to investors and the manager. I don't have a lot of points of reference. I know that I don't want to charge a management fee or take salary (there will be certain operating expenses written off). If I'm talking about not charging a management fee, and no salary, then I was thinking something along the lines of 25% of net profits (Walter Schloss did this, not sure if he took a salary, probably not), Buffett worked against different models IIRC (4% interest then 50/50). Of course it's a negotiation at the end of the day, but I'd like to be reasonable and fair to myself and the investor. I would tell my investors, if you don't like your after fee returns, then you'll leave me (and I'll fire myself as my own money manager). How would you price differently if you managed multiple investment pools, if at all? [link] [comments]  |
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